London, March 14th

1. London
March 14th , 2018
Full-year 2017 results
and plan update

2. 2
Key Highlights
Long-term
attractive
shareholder
remuneration
Strong
delivery in
2017
2021
targets
improved
Increasingly supportive gas scenario
• Growing demand and favourable outlook
• Regulatory visibility for the next two years
Improved long-term visibility of core business
• Organic capex plan +€500m to 2017-2021
• Steady RAB growth to 2021 and beyond
• Enhanced efficiency plan (>€40m of savings in 2021,
+60% vs previous guidance)
• Confirmed contribution from associates: €200m in 2021
2017 results above guidance
• € 1,363m EBIT +2% vs 2016
• € 940m net income +11%
vs 2016
• NFP € 11.55bn
• €210m share buyback
(€438m to date)
• 2.5% DPS growth confirmed for
2018 and extended to 2019 (floor in
real terms thereafter)
• Self-financing plan
• Share buyback: €500m authorization
to be requested at next AGM

3. 1.Full-year 2017 results

4. 4
2017: progress on key pillars of the plan
Increased investment plan in core activities
• €1.034bn capex in Italy
• Acquisition of Infrastrutture Trasporto Gas, stake in A-LNG
What we promised What we achieved
• New balancing system launched; ca. €8m of revenues to YE 2017
• CNG businesses launched
• Snam Global Solutions new contracts
• Acquisition of TEP (Energy Efficiency Company)
• €150m contribution to net profit in 2017
• €19m of efficiencies in 2017, 90% above guidance thanks to an
accelerated delivery
• 2.0% cost of debt in 2017
• €11.55bn of net debt YE 2017
Improved contribution from new activities
• €1bn capex in 2017
Efficiency plan
Solid contribution from affiliates
Continuing focus on debt structure optimisation
• 2.2% cost of debt in 2017
• €11.8bn of net debt@YE2017 (excluding € 300m TAP true-up)
• >€10m savings in 2017

5. 5
2017: strong financial results
2,299 2,342
2016 PF 2017 adj
1,336 1,363
2016 PF 2017 adj
Regulated revenues (€m) EBIT (€m)
845
~900 940
2016 PF 2017
Budget
2017 adj
11.1
11.8
11.55
2016 PF 2017
Budget*
2017 adj
Net income (€m) NFP (€bn)
EBITDA
• RAB increase
• Regulated services
• Well above guidance
• Cost of debt lowered to
2.0% vs 2.2% guidance
• Solid contribution from
associates +11.1%
• Positive impact from
working capital (to be
partially recovered)
• Includes Share Buyback
(€ 210m), M&A (€ 217m)
and TAP equity injection
(€ 220m)
• First results from
efficiency programme
more than offsetting
run-rate demerger
dissynergies
+1.9%
+11.2%
+2.0%
€-0.2bn
* Excluding €0.3 bn TAP true up

6. 6
2017 results: Ebit adj.
Ebit benefiting from revenue growth, cost efficiency programme
€ mn

7. 7
Focus on cost efficiency programme
Efficiencies 2017 by area
Operations
Staff
• Single dispatching and integrated management of
transport and storage plants
• Optimization in O&M and ICT contracts
• Use of new smart technologies
• Selective reduction in external services cost
Main initiatives 2017
€ 19m
• Faster execution of corporate initiatives eg:
• Reduction of external consultancy costs
• ICT application architecture simplification
• Optimization of working tools
• Lower recruitment costs through internalization
• Identified c. 20 new initiatives with positive contribution
from 2018
Main results 2017 vs Target
Target
actual
>10m
19m
Cost efficiency programme: progressing ahead of schedule and expanding scope

8. 8
2017 results: adjusted net profit
€ mn
Outperformance on financial charges further drives net income growth

9. 9
2017 Cash Flow
€ mn
Strong cash generation covering organic capex and dividends

10. 10
2017 Key financial highlights
Cost of debt reduction
2% cost of debt in 2017: -20bps vs. guidance driven by:
• €2.2bn bonds issued at ca. 1% (7.5 years average maturity)
• Continuous Treasury management optimization
Maturity improvement
• Average tenor of M/L term debt: 5.5 years at end 2017 vs. 5 years
at end 2016 thanks to Liability Management and new funding
• Maturities well-spread over time
• Strong liquidity profile covering 24 month-maturities (€3.2bn
undrawn committed facilities)
Credit metrics well within rating thresholds
SNAM KEY CREDIT METRICS1 2016PF 2017
Net Debt/(RAB+associates) 52% 51%
FFO2
/ Net Debt ca. 14% ca. 14%
( )
Baa1
negative ( )
BBB+
stable ( )
BBB+
stable
Bond maturity Profile (€ bn) as of 31 December 2017
1. Based on reported figures
2. Before change in working capital. 2016 Adjusted Pro-forma Net Income. 2017 Adjusted Net Income
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

11. 11
Continuous debt structure optimization
De-risking Business Plan
Actions to manage risk from rate/spread increases
• >3/4 fixed rate debt vs floating
• Further M/L term debt maturity improvement (also
thanks to new ultra-LT EIB financing)
• Pre-hedging actions and new LM exercise
• Repricing and extension of €3.2bn pool banking facilities
(2 years ahead of schedule)
M/L Term Debt Tenor ca. 5y
Fixed Floating Fixed Floating
Fixed - Floating 2016 Fixed - Floating 2017
M/L Term Debt Tenor ca. 5.5y
Fixed rate
>3/4
Fixed rate
~2/3
2018-2021 Fixed rate debt: > ¾,
M/L term maturity: ~ 5 years 11
Cost of debt and debt structure
• Expected further cost of debt reduction thanks to:
• Full effect of 2017 Liability Management exercise
• Further optimization of treasury management
• Potential upside based on current market conditions: ca.
200bps of coupon delta between expiring bonds and
potential new issuances over 2019-2021
• Continuous focus on limiting P&L volatility also thanks to
potential additional pre-hedge
2018: 1.8% expected cost of debt
Public Fixed Rate Bond Rollover 2019-2021
0%
1%
2%
3%
4%
5%
2019 2020 2021
Expiring bond - Avg. Coupon Potential new bond @ current level

12. 2.Scenarios & 2017-2021 plan update

13. 30 30 29 26 26
15 16 17
16 17
21
23 25
27 28
1
1 1 3
4
2
2
3 2
2
2015 2016 2017 2025 Base
Case
2025 High
Case
Residential & commercial Industrial Thermoelectric Transport Other
13
Increasingly supportive gas scenario in Italy
• Industrial production recovery (IPI index 2017 +3%)
• Demand peak reached in January 2017 (426 mcm/day,
91% of historical max)
• Higher electric generation owing to reduced imports,
lower hydro
Weather adjusted, bcm
Italian gas demand
Main trends in 2017
Previous base
scenario 70bcm
• Faster coal phase out (+5bcm to 2025)
• DAFI directive supporting the construction of infrastructure for
alternative fuels (including LNG and CNG)
• Biomethane decree and incentives for green mobility
• Infrastructure support for methanisation of Sardinia, supply security
• Increasing energy efficiency (of the residential sector)
Revenues largely independent from volumes;
Outlook supportive to gas infrastructure and new businesses
Main trends to 2025
69
72
75 75
78
+4.7%
+4.6%
Sources: Snam estimates; SEN: National Energy Strategy

14. 23 22 25
83 85
60
NBP TTF PSV
Monthly average Maximum
14
Recent demand spikes highlight the value of gas assets
+294%+288%
+144%
European Hub prices
Feb 2018
Italian gas demand evolution
Very cold
temperature
Very cold
temperature
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Serie2
Serie1
PSV at a steep discount during cold snap
thanks to storage contribution
GW/h
Flexibility of gas system accomodates
demand swings
Electric demand
Gas demand
Sources: Snam estimates
NBP: National Balancing point (UK), PSV: Punto di Scambio Virtuale (ITA), TTF: Title Transfer Facility (NL)

15. 15
Positive gas infrastructure scenario in Europe and worldwide
140 131 125 128
91 91
280 305 332
363
372 389
2014 2015 2016 2017 2025E
IEA
2025E
IHS
Import
Domestic
production
(Bcm)
Key trends
• Domestic production decreasing faster than forecast
• Coal phase out announced for 20 bcm by 2025
• ETS reform and Energy Performance System (EPS) reform
(550gCO2/kWh capacity limit further supporting coal to gas switch)
EU Domestic production and import requirements
15
Global gas demand
Change in gas
demand 2016-
40(Bcm)
Key trends
• Production-driven demand growth in the Americas
• LNG import-driven growth in Asia, with strong primary energy
demand growth
Import
+30%

16. 16
Renewable gas is emerging as a key component of
a long-term integrated energy strategy
~122bcm of renewable gas (biomethane and
power to gas) leading €140bn annual
savings for EU 2050+:
• Affordable flexibility in power generation
• Removes need to fully electrify peak
heating demand
• Lower insulation required for buildings
• Industrial processes requiring natural gas
Green gas a forever fuel, future proofing gas infrastructure
Gas & Electric TSOs working together to provide coordinated scenarios
Source Ecofys study: “Gas for climate. A path to 2050”

17. 17
Italy focus: new technologies to underpin demand
New biomethane for transport decree to support integrated bio/CNG development
Potential investments for interconnections (RAB) and value-driven opportunities for Snam
• >250 expressions of interest to connect
new CNG stations to the grid
• Total potential of 5m of CNG vehicles, 1.5-
2 MTPA LNG
• 19 contractualised Snam4Mobility
stations
• Modified phasing for Snam direct
investment in CNG
Biomethane connections update CNG connections update
6 1
5
13
4
2
3
8
17
8
2
4
4
Biomethane breakdown
Preliminary inquiries
Accepted offers
Connections in operation
515
17
1
80
5
1
15
1
6037
3
13
34
8
1116
46
39
52
99
40
2
2
3
1 2
4
3 1
CNG
Connections being built 77

18. 18
Regulatory framework
Parameters to be updated:
• Risk free rate (real)
• Country risk premium
• Tax rate
• Gearing
• Inflation (expectation next 3y)
• Low risk regulatory framework:
returns on real basis, no volume or
price exposure
• 2 years of stability (2018-2019),
transparent methodology for
determination of allowed returns
• 5th regulatory period to start in 2020
and likely to introduce some output
based set of incentives
• TOTEX evaluation and possible
implementation during the 5th
regulatory period
WACC update 5th regulatory period
Potential review:
• Incentive schemes
• Beta unlevered
• Reference volumes and
opex
Existing regulation extended to 2019
STORAGE
TRANSPORT
REGAS.
5° regulatory period
5° regulatory period
2016 2017 2018 2019 2020
4° regulatory period
4° regulatory period
4° regulatory period
20212014 2015
5° regulatory period
2022
Transition
period
Transition
period

19. 19
Improving organic investment profile
4.7
5.1
Capex 2017-21
€ 5.2 bn (+10% vs previous target)
5.2
4.7
Previous
target:
1.4% CAGR
Tariff RAB1 evolution (€ bn)
c. 2%
CAGR
Solid c.2% RAB cagr within the plan period
4.7
5.2
Capex 2017-21
old plan
Capex 2017-21
plan update
+ 0.5
• Sardinia methanization
• Increase storage capacity
• ICT and innovation
• Pipeline replacement
1. Tariff RAB use for revenues calculation, the evolution assumes an average annual inflation rate of ~1% and according to current regulatory framework,
the previous target of 1% RAB cagr was referred to calendar RAB and was equivalent to 1.4% of tariff RAB cagr for the correspondent years

20. 31%
58%
11%
20
Main initiatives and benefits for the system
Interconnection
with TAP
Support to the North West market and
bidirectional cross-border flows
Development of
Fiume Treste storage field
Development of a new level of
storage
Sardinia
Methanization
Flexibility and
security of supply
and creation of
export capacity at
the interconnection
points of Tarvisio
and Passo Gries
Transportation network with one or
more import points from Porto
Torres, Oristano and Cagliari
24
46
2017 2021
Export capacity (MScm/d)
12.2
12.7
2017 2021
Storage capacity (bcm)
CAPEX 2017-2021
Transport & CNG
CAPEX 2017-2021
Storage & regass
+92% +4%
32%
39%
11%
18%
Development Maintenance
Other & CNG Replacement
€ 0.6 bn (+10% vs previous target)
Development Maintenance
Other
Central Italy main lines replacement
420Km replacement of 50 yrs old,
amortized lines, to enhance flow and
availability.
Other replacement spread in the rest
of Italy for additional 230Km
€ 4.6 bn (+10% vs previous target)

21. 21
Focus: capex in energy efficiency and lowering emissions
• Remote monitoring systems in hydrogeological risk areas on
3000 measuring points
• Real-time remote leak detection on transport and storage
• Mobile and augmented reality tools for operations
• Georeferenced pipelines
• Automatic algorithm to schedule workers’ activities on fields,
reducing commuting; fleet trackng
• R&D investments
• 50MW high-efficiency gas turbines in Istrana and Sergnano
• Replacement of gas turbines with electric compression unit
in Malborghetto:  -26 kTon/y CO2 (in operation in 2022)
• Cogeneration in Istrana e Gallese
• 130 high efficiency heaters in pressure reduction plants:
+15% efficiency
• LED lights (534 kW installed; -1200 MWh saved)
• Renovation of 4 buildings with improvement of energy class
(saving: -25.000 m3 gas and -65.000 kWh electricity)
• Installation of gas recompression system in Sergnano
• Installation of gas flare equipment in GNL Panigaglia plant,
• Pneumatic emissions reduction by replacement of 100% pneumatic
gas valves/ actuators in 7 compressor plants and 4 storage plants
• Improving methodology to measure methane emissions
• Entry into EE services business through the acquisition of
82% of TEP the largest Italian Esco (Energy Service
Company)
Improving energy efficiency and lowering emissions
Consolidating Snam’s position in the energy transition
Energy efficiency: new services €17m
Innovations to reduce emissions €120mEnergy efficiency on our grid >€200m
Reducing CH4 emissions €20m

22. 22
Asset-light services
Regulated services on the Italian market Snam Global Solutions
>€ 150m of asset-light revenues cumulated 2017-2021 (Target improved)
New Balancing Regime:
New demand forecasting IT system in place since Oct 17, improved
accuracy and performance
• 2017 achievements: overperformed vs budget, increase in market
liquidity
• Further development: Demand Forecast 4.0 will enable us to
improve intraday forecasting activity
Additional services
• Oversubscription & Buyback to provide additional capacity at
entry point to increase liquidity
• Additional storage services to increase flexibility
• New products and services to provide the flexibility required by
the market under evaluation.
Rationale
• Leverage on key competencies and expertise to consolidate and develop
international positioning in relevant gas markets
• Secure new high margin revenue stream providing high value services as
driver to enter new market
Growing contract portfolio
• Services offered : O&M, Project Management, Regulatory and market
development support, Information & Communication Technology,
Security
Industry partnerships
• Gas value chain operators

23. 23
Solid contribution from associates
Target of € 200m income from associates* in 2021 confirmed
Consolidating European Leadership
Leverage of Snam
capabilities on project
management
Relevant progress
with EIB/EBRD
financing
Increasing effort for
operational readiness
with extensive Snam
support
Debt optimization:
refinancing activities
reduced cost of debt and
extended maturities (GCA
completed, TAG to be
finalized)
Good visibility
thanks to a stable regulatory
framework in transport in
Austria for the next 3 years
Storage business
from merchant
to regulated
Business de-risked,
potential
optimization of
capital structure.
Potential mid-term
developments
Good growth
opportunities
coming from the
digitalization of the
network, the
ongoing auction
process and market
consolidation
Stake increased
to 23.68%, for a
consideration of
c. € 22m, increasing
strategic relevance
* Includes: IUK, TAP, TIGF, TAG, GCA, ITG

24. 24
Opportunities not in the plan: supply, security and liquidity
• Further connections along
Sardinia backbone
• Potential storage opportunties
• Potential LNG facilities
• Further ca. 7000km of pipeline
>50 years old, fully amortized
post 2021
• CNG/Biomethane/SSLNG
• Integration of European markets
• New infrastructure connecting
sources to markets
• Opportunities along the
Southern Route
• Additional national infrastructure
requirements
• Potential for regulated storage
• Gas for transport
• Renewable gas
Italy Europe

25. 25
Digitalisation to support efficiency, grid operations and
market liquidity
• Smart Gas: integrated tool to design,
build and maintain assets. Improved
maintenance and scheduling practices
(from days to minutes)
• Advanced Pipeline Control: fully
integrated SCADA systems. Hybrid
inspection model through satellites,
drones and operators
• Advanced Geologic Monitoring of
Storage
• Demand Forecast 4.0: new demand
model based on AI and machine
learning. Prediction accuracy already
improved by ~40%
• New Commercial Systems (JARVIS):
integrated suite of services to favor
operations on the PSV and integration
among EU gas markets.
Main projectsImprovement of IT infrastructure
Simplified and flexible application
architecture
• From >100 to ~50 applications within
the strategic plan timeframe
• Integrated data model (from silos to
data-lake approach)
• Agile application development
approach
• From 100% on premise to hybrid cloud
model with a minimum target of 40%
within the strategic plan timeframe
• Insourcing of key strategic skills

26. Core business costs flat in real terms, offsetting higher costs due to growing activities,
infrastructure and complexity
Core business costs
flat in real terms
26
Total cost trend
New efficiency target: >€40m in 2021
(+60% vs old plan)
New businesses and
services
All lean: continuous improvement
• 80% of colleagues involved
• 210+ actions under implementation
• 40+ dedicated team
• Streamlined and reduced procedures and
methodologies
Cost efficiency activities
• Integration cross functional activities (O&M,
Disp,Supply Chain) into operating companies
(SRG & Stogit) and realize an efficiency program
• 70+ initiatives under implementation
Organizational efficiency
• Delayering organizational structure
• Launched Snam Institute to invest in our
competences and talent development

27. 3.Financial targets of the plan

28. 28
2021 targets increased
Sustainable organic growth in the asset base and attractive returns
 Storage Transport & LNG
2017E 2018E 2021E
RAB1 (€bn) EBITDA/EBIT (€bn) Net income (€m)
c. 2%
CAGR
2016-2021
1,336 1,363
1,987 2,022
2016PF 2017
actual
2021E
c. 4.5%
845 900 940
2016 2017
budget
2017
actual
2021E
 EBITDA EBIT
Increasing D&A due
to faster
depreciation:
• Increasing ICT and
innovation
• Change in capex
mix
• Increasing
capitalizations
c.1%
Ebit
Previous
Target:
4% CAGR
Previous
Target:
1.4%
CAGR
c.1.5%
Ebitda
1. Tariff RAB use for revenues calculation, the evolution assumes an average annual inflation rate of ~1% and according to current regulatory framework,
the previous target of 1% RAB cagr was referred to calendar RAB and was equivalent to 1.4% of tariff RAB cagr for the correspondent years
19.2 20.3

29. 29
Updated dividend policy
Self-financing plan underpins strong and sustainable shareholder
remuneration
Declining payout over the plan period
• +2.5% DPS growth confirmed for
2018 and extended to 2019
• 2019 DPS is a floor in real terms to
2021
Update dividend Policy
21.00
21.55
22.09
22.64
2016 2017E 2018E 2019E
2.5%
CAGR
Dividend per share

30. 30
Self-financing plan
Net debt evolution
• Cash flow from operations to
essentially cover capex and growing
dividends
• 2018 net debt2 guidance: € 11.5bn
• Debt/RAB1 broadly stable over the
plan period
Financial flexibility enables disciplined value-enhancing opportunities
1. Including affiliates
2. assuming net cash-in from TAP of c. 240m€

31. Use of financial flexibility
Capital allocation approach
Financial flexibility
Already invested or earmarked
• Committed to current credit rating metrics and risk profile
• Accretive returns (risk adjusted returns at least in line with
Italian regulated assets)
Industrial criteria
• Enhance existing infrastructure
• Leverage industrial capabilities
• Unlock additional growth/optionality
Shareholder returns
• Dividend growth
• Buyback (500m€ authorization to be requested next AGM)
• Additional capex of € 500 m on Italian
infrastructure vs prior plan
• ITG acquisition € 217 m
• GCA acquisition € 135 m
• Increased stake in IUK € 20 m
• TEP Energy Solution acquisition € 17 m
• Share buy back activated
and € 438 m executed to date*
31* € 103m executed in 2016, € 210m in 2017, €125m in 2018

32. 4.Closing remarks

33. 33
2018 guidance and targets
Guidance 2018 New Targets
€ ~ 20.3 bnTariff RAB ~ 2%
€ ~ 0.9 bnInvestments € 5.2 bn
Net income € ~ 975 m
2017-2021
CAGR 2017-2021
Net debt € ~ 11.51 bn
Cash flow from operations to
essentially cover capex and
growing dividends
DPS € cent 22.09 +2.5% DPS growth
extended to 2019
€4.7bn
Investments
1.4% cagr
2017-20212
Policy limited
to 2018
Debt/RAB at
2021 in line
with 2016
March 2017
~ 4.5% CAGR 2016-2021
4% cagr
2016-2021
1. Assuming net cash-in from TAP of c. 240m€ and neutral working capital
2. March 2017 target of 1% RAB cagr was referred to calendar RAB and was equivalent to 1.4% of tariff RAB cagr for the correspondent years

34. Closing remarks
Strong delivery to date, with 2017 results
guidance
Improved growth targets
Attractive and sustainable
shareholder remuneration
Additional value from new opportunities
34
3
2
1
4

35. ANNEXES

36. 36
Income Statement
[ € mn ] 2016 PF 2017 adj. Change
Revenues 2.560 2.533 - 27
Operating expenses - 573 - 511 +62
EBITDA 1.987 2.022 +35
Depreciation & amortisation - 651 - 659 - 8
EBIT 1.336 1.363 +27
Net interest income (expenses) - 263 - 227 +36
Net income from associates 135 150 +15
EBT 1.208 1.286 +78
Income taxes - 363 - 346 +17
NET PROFIT 845 940 +95
NET PROFIT reported 845 897 +112+52

37. 37
Revenues
[ € mn ] 2016 PF 2017 Change
Regulated revenues 2.444 2.434 - 10
Transport 1.779 1.816 +37
Storage 502 508 +6
LNG 18 18
Pass-through revenues 145 92 -53
Other revenues 116 99 - 17
TOTAL REVENUES 2.560 2.533 - 27

38. 38
Operating Expenses
[ € mn ] 2016 PF 2017 Change
Regulated activities 456 404 - 52
Controllable fixed costs 271 267 -4
Variable costs 9 7 -2
Other costs 31 38 +7
Pass-through costs 145 92 -53
Non regulated activities 117 107 - 10
TOTAL COSTS 573 511 - 62

39. 39
Balance Sheet
[ € mn ]
Dec, 31
2016
Dec, 31
2017
Change
Net invested capital 17.553 17.738 +185
Fixed capital 18.080 18.875 +795
Tangible fixed assets 15.926 16.396 +470
Intangible fixed assets 810 850 +40
Net payables for investments -368 -335 +33
Financial receivables held for operating activities 213 373 +160
Equity-accounted and other investments 1.499 1.591 +92
Net working capital -483 -1.079 -596
Receivables 1.501 1.456 -45
Liabilities -1.984 -2.535 -551
Provisions for employee benefits -44 -58 -14
Net financial debt 11.056 11.550 +494
Shareholders' equity 6.497 6.188 -309

40. 40
Disclaimer
Franco Pruzzi, in his position as manager responsible for the preparation of financial reports, certifies pursuant to paragraph 2, article 154-bis of
the Legislative Decree n. 58/1998, that data and information disclosures herewith set forth correspond to the company’s evidence and
accounting books and entries.
This presentation contains forward-looking statements regarding future events and the future results of Snam that are based on current
expectations, estimates, forecasts, and projections about the industries in which Snam perates and the beliefs and assumptions of the
management of Snam.
In particular, among other statements, certain statements with regard to management objectives, trends in results of operations, margins, costs,
return on equity, risk management are forward-looking in nature.
Words such as ‘expects’, ‘anticipates’, ‘targets’, ‘goals’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, ‘seeks’, ‘estimates’, variations of such words, and
similar expressions are intended to identify such forward-looking statements.
These forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict
because they relate to events and depend on circumstances that will occur in the future.
Therefore, Snam’s actual results may differ materially and adversely from those expressed or implied in any forward-looking statements. Factors
that might cause or contribute to such differences include, but are not limited to, economic conditions globally, political, economic and
regulatory developments in Italy and internationally.
Any forward-looking statements made by or on behalf of Snam speak only as of the date they are made. Snam does not undertake to update
forward-looking statements to reflect any changes in Snam’s expectations with regard thereto or any changes in events, conditions or
circumstances on which any such statement is based.
The reader should, however, consult any further disclosures Snam may make in documents it files with the Italian Securities and Exchange
Commission and with the Italian Stock Exchange.

41. London
March 14th , 2018
Full-year 2017 results
and plan update